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Council approves $900,000 loan for Minnesota West student housing

WORTHINGTON -- The Worthington City Council approved a $900,000 loan Monday to help finance student housing at Minnesota West Community and Technical College's Worthington campus.

WORTHINGTON - The Worthington City Council approved a $900,000 loan Monday to help finance student housing at Minnesota West Community and Technical College’s Worthington campus.

 

Bluffstone LLC, a student housing developer from Davenport, Iowa, aims to build a 28-unit facility with 112 beds. The goal is to have the housing ready by the time students take their first classes in fall 2018.

 

Nearly $4 million of the $6.18 million project will come out of private financing from First American State Bank. Along with the city’s loan, $800,500 will come from a private equity cash deposit and $500,000 from a State of Minnesota grant.

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The city’s loan will be repaid over 25 years at a prime interest rate of 4.25 percent.

 

For more of this story, see Wednesday's print edition and dglobe.com.

 

 

Related Topics: EDUCATIONHOUSING
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